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New Delhi. If you are also preparing to file Income Tax Return (ITR) then you do not need to hurry.
Let us tell you that the process of filing returns for the assessment year 2024-25 has started. The last date to file ITR is 31 March 2024.
The Income Tax Department has also made the process of filing returns much easier. Now taxpayers can easily fill Annual Information Statement (AIS) and Taxpayer Information Summary (TDS). The Income Tax Department has simplified the process of filing TDS and AIS.
It is expected that AIS may be released in the first week of May. Many companies have not yet issued Form-16 for their employees.
ITR filing made easy
The Income Tax Department is taking several steps to provide convenience to the taxpayers. The department has simplified the process of filling AIS. After simplifying this process, users can now file returns easily.
However, until the taxpayer receives the AIS and Form 16, he should not file the return. If the taxpayer files the return without these, there may be a difference in the income and interest figures. Due to which you may also get a notice from the Income Tax Department.
What is AIS?
- AIS is a kind of form given by the Income Tax Department. It contains details of the taxpayer's earnings and his sources of income.
- This means that this form contains information about interest income from savings account, income from FD, dividends, income from any securities other than mutual funds and earnings from abroad etc.
- If understood in simple language, the details of all financial transactions during the entire financial year is called AIS. TDS is a summary of AIS.
What information is there in Form-16?
Form-16 is very important while filing returns. This is a kind of TDS certificate. This certificate is given by the company to the employee. TDS contains information about how much exemption has been deducted from the employee's salary and how much has been deducted during the entire business year.
What is the first thing to do after receiving Form 16?
- As soon as the taxpayer receives Form 16, the first thing he should do is check whether the information given in it is correct or not. If any mistake is found then the taxpayer should immediately contact the employer. The employee should file the return only after all the information is correct.
- The employee has to double-check the information given in Form 16. For this, the employee can match Form- 26AS and Annual Information Statement (AIS) available on the Income Tax Department website. The taxpayer should check that the amount of TDS should be the same and there should be no difference in it.
- The taxpayer should check in Form 16 whether it contains information about allowances etc. received by him or not. House Rent Allowance (HRA) and Leave Travel Assistance (LTA) are given to the employees by the company.
check this also
- The taxpayer should check whether the PAN number given in the form is correct or not. If the PAN number is wrong then he cannot claim for tax refund.
- Make sure to check all the basic information in Form 16 like name, address and TAN number of the company etc.
- If the taxpayer has selected the old tax system then he should also check the details of deduction.
- If the taxpayer has changed job during the financial year 2023-24, then he will have to take Form 16 from the old company.
- It is very important to check correct income information. If any information related to income or income source is incorrect, a notice may also come from the Income Tax Department.